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New Zealand tightens trust laws after Panama Papers

Wednesday, July 13, 2016 - 10:45

New Zealand Prime Minister John Key. New Zealand announced it was tightening rules surrounding foreign trusts on Wednesday after numerous documents in the Panama Papers leak referenced the South Pacific nation.

PHOTO: AFP

[WELLINGTON] New Zealand announced it was tightening rules surrounding foreign trusts on Wednesday after numerous documents in the Panama Papers leak referenced the South Pacific nation.

Officials in Wellington said the changes would improve the disclosure and registration of foreign trusts, as well as strengthening anti-money laundering rules.

"The changes to the foreign trust rules are a matter that the government intends to move quickly on," Finance Minister Bill English said.

The unprecedented leak in April of 11.5 million files from Panama-based law firm Mossack Fonseca revealed how wealthy individuals use anonymous offshore entities to hide their assets.